Greece for US citizens

Country Facts & Figures

Approximate Living Expenses Greece?

Travel requirements for a US citizen to travel to Greece?

U.S. citizens traveling to Greece for tourism, business, or transit purposes could do so under the Schengen Agreement, which allows for short stays without a visa for up to 90 days within any 180-day period. However, given the dynamic nature of global events, especially the COVID-19 pandemic, travel requirements are subject to change.

Regarding COVID-19 and its implications for travel:

COVID-19 Test Requirement: Many countries, including Greece, have imposed requirements for presenting negative COVID-19 PCR test results before boarding or upon arrival, or even undergoing a test upon arrival.

Quarantine Regulations: Depending on the current epidemiological situation, travelers might be subjected to quarantine either at their own accommodation or at a location designated by local health authorities.

Health Forms and Contact Tracing: Travelers might be required to fill out a health form, provide contact details, or even download a contact tracing app, as specified by the local health authorities.

Vaccination and Immunity Passports: As vaccines rolled out, some countries considered or implemented “vaccine passports” or certificates of immunity, potentially allowing vaccinated individuals or those who’ve recovered from the virus more freedom of movement.

Mandatory Insurance: Some countries require travelers to have health insurance covering COVID-19 related medical expenses.

Beyond COVID-19:

Passport Validity: Your U.S. passport should be valid for at least three months beyond your planned date of departure from the Schengen area. However, for any stay of up to 12 months, U.S. citizens are advised to have a passport valid for six months beyond their planned date of departure.

Entry Stamps: Ensure you get an entry stamp in your passport when you enter the Schengen area. Without this, you could face difficulties during your exit or future travels within the Schengen area.

Currency: Greece uses the Euro (€). Ensure you have the appropriate means to manage expenses during your trip.

Given the fluidity of the situation, travelers should:

• Regularly check the U.S. Department of State website for any updated travel advisories or requirements for Greece.
• Consult the official website or consulate of Greece for the latest entry and exit requirements, especially in the context of the pandemic.
• Consider travel insurance, given the unpredictability of global events and potential for disruptions.

Finally, always remember to consider local health recommendations, practice safe hygiene, and be prepared for potential changes in travel plans due to evolving restrictions or guidelines.

Buying property in Greece as a US citizen?

Buying property in Greece as a U.S. citizen is relatively straightforward, but it does come with some specific steps and considerations. Here’s a general overview:

Eligibility:

• U.S. citizens can buy property in Greece, and there are no special restrictions. However, there might be restrictions on buying property in border areas due to national security reasons. For these regions, special permission from the Greek Ministry of Defense is required.

 Finding Property:

• It’s often beneficial to work with a reputable real estate agent who understands the local market and can guide you through the buying process.

Preliminary Contract:

• Once you find a property, a preliminary contract is usually drawn up. This outlines the terms of the sale and might involve a deposit, typically around 10% of the property’s price.

 Legal Counsel:

• Hiring a lawyer is crucial. They’ll ensure the property has no debts, claims, or legal issues. They’ll also verify that all property taxes have been paid by the current owner.

Notary Public:

• A notary public is involved in drawing up the final contract of sale. They ensure that the sale adheres to Greek law and will also calculate the property transfer tax.

 Taxes and Fees:

• Buyers must pay a property transfer tax, which varies based on the property’s value. As of 2021, the rate was generally between 3% to 10%, but rates can change, so it’s essential to verify current rates.
• There’s also a notary fee, legal fees, and land registry costs.

 Land Registry:

• After the sale, the change of ownership has to be registered at the local Land Registry.

 Tax Number:

• Foreigners need to obtain a Greek tax number (AFM) before buying property. This is a simple process, and your lawyer can assist with it.

Financing:

• While it’s possible for non-residents to get mortgages in Greece, the terms might not be as favorable as those available to residents. Many foreigners choose to finance their property purchase in their home country.

 Additional Costs:

• Keep in mind the ongoing costs, like property taxes, maintenance, and insurance.

 Residency:

• Greece has a Golden Visa program. By investing a certain amount in real estate (typically €250,000 or more), non-EU/EEA citizens can qualify for a residence permit, which can be renewed every five years as long as they maintain the investment.

Note: Regulations, tax rates, and policies can change. Always consult with a local property lawyer and other relevant professionals when considering purchasing property in Greece or any foreign country. They can provide current, detailed advice tailored to your situation.

Golden Visa Program in Greece – Road to Residency & Citizenship?

The Golden Visa Program in Greece is one of the most popular and affordable investment-for-residency programs in Europe. Here’s an overview of the program and its potential path to residency and citizenship:

 The Investment:

Greek Minister of Finance announced some changes regarding the Golden Visa Program. He introduced the dual-zone system for real estate transactions. The new rule is expected to be effective as of March 31, 2024:

• Tier 1 | 800,000 EUR: This is a real estate investment in the areas of Attica, Thessaloniki, Mykonos, Santorini, and the islands, which have a population of more than 3,100.Tier 2 | 400,000 EUR: This tier covers all other regions of Greece and establishes a more attainable entry point of 400,000 EUR. The main goal here is to encourage investment in a wider range of areas. So eventually, this could broaden the program’s economic advantages.

  The requirement for both tiers: Investment is to be made in a single property of at least 120 square meters.

• Apart from real estate, Greece has been considering and occasionally adjusting other types of investment categories (e.g., bank deposits, shares, etc.) that might qualify one for the Golden Visa. Always check the latest requirements.

 Residency Permit:

• The initial residence permit granted under the Golden Visa program is valid for five years.
• It can be renewed every five years, provided the investment is maintained.
• This permit allows free travel within the Schengen Zone.
• It’s worth noting that there is no minimum stay requirement. That means you can hold onto the investment and the residency permit without actually living in Greece.

 Family Reunification:

• The Golden Visa program in Greece also covers immediate family members. This includes the applicant’s spouse, children under 21 years (with the possibility to extend under certain conditions), and the parents of both the applicant and the spouse.

 Permanent Residency:

• After maintaining the residency status for five years and meeting certain other requirements, including staying in Greece for a minimum period, you can apply for permanent residency.

 Citizenship:

• Citizenship is a more extended process. Generally, you can apply for Greek citizenship after living in Greece for seven years. However, obtaining citizenship would also require demonstrating ties to the country, such as integrating into the society, learning the Greek language, etc.

• Remember, obtaining Greek citizenship might have implications for your status in your home country, especially if it doesn’t recognize dual citizenship. It’s essential to be informed and prepared.

Other Considerations:

• Taxes: Even if you’re not tax-resident in Greece, you may owe taxes on rental income or other income sources within Greece. If you become tax-resident, this could have wider implications for your global income.
• Legal Support: Due to the bureaucratic and legal intricacies involved in any investment-for-residency program, it’s strongly recommended to work with a local attorney experienced in the Greek Golden Visa program.

Lastly, as global and national situations evolve, countries frequently update their investment and residency/citizenship criteria. Always consult with a professional or the official sources to get the most recent and accurate information about the Golden Visa program or any other immigration program.

Mortgage/Financing of Property in Greece for a US Citizen?

Mortgaging property or obtaining financing in Greece as a U.S. citizen can be a bit challenging compared to local citizens due to the perceived risk by Greek banks and the added complexities involved in lending to foreign citizens. However, it’s not impossible. Here are some key points to keep in mind if you’re considering getting a mortgage or financing for property in Greece:

 Eligibility:

• While Greek banks do provide mortgages to non-residents, the terms and conditions might differ from those offered to Greek citizens.

 Loan-to-Value (LTV):

• Banks may offer a lower Loan-to-Value ratio for foreigners, meaning you might need a larger down payment. Typically, for non-residents, the LTV might range from 50% to 70%, but this can vary.

 Documentation:

• Proof of income: Greek banks will require evidence of stable income. This could be recent tax returns, payslips, or even income from investments.
• Credit history: Some banks might ask for an international credit report or a credit report from your home country.
• Additional documents: Passport, proof of address, details about the property, etc.

 Interest Rates:

• Interest rates might be higher for non-residents. Rates will also vary based on whether you’re getting a fixed-rate or variable-rate mortgage.

 Term Length:

• The mortgage term for non-residents might be shorter than for residents. For instance, while a resident might get a mortgage for 30 years, a non-resident might be offered a maximum term of 15-20 years.
•  Additional Costs:

• Remember that there will be additional costs, such as notary fees, land registry fees, and possibly mortgage arrangement fees.

 Alternatives:

• Some international banks or lenders in the U.S. might offer mortgages for overseas property purchases, including in Greece. This could be a viable alternative if Greek banks’ terms aren’t favorable.
• Another option could be to refinance or take out a home equity loan on a property you own in the U.S. to finance the Greek property purchase.

 Professional Help:

• It’s advisable to work with a local financial advisor or mortgage broker in Greece. They can guide you through the process, helping you understand the terms and ensuring you get the best possible deal.
• A lawyer familiar with real estate transactions in Greece can also be invaluable, ensuring all legal aspects are correctly handled.

Lastly, always do thorough research and understand all the terms and conditions before taking out a mortgage in a foreign country. The economic environment, property market trends, and interest rate fluctuations can affect your investment.

Rental Income Potential in Greece?

The potential for rental income in Greece depends on various factors, including the location of the property, its type and condition, and market demand. Over recent years, certain areas of Greece, particularly tourist hotspots, have seen an increased demand for short-term rentals, which can offer lucrative returns for property owners. Here’s a general overview:

 Location:

• Tourist Areas: Islands like Santorini, Mykonos, Crete, Rhodes, and Corfu, or places with historical significance like Athens, often see high demand for short-term holiday rentals, especially during the tourist season.
• Urban Areas: Cities like Athens, Thessaloniki, and Patras might offer steady long-term rental opportunities due to demand from students, professionals, and businesses.

Type of Rental:

• Short-Term/Holiday Rentals: Popular in tourist regions and can yield high returns during peak seasons. Websites like Airbnb have facilitated this. However, remember there might be more management involved, e.g., frequent check-ins/check-outs, cleaning, etc.
• Long-Term Rentals: Typically less management intensive and can offer stable, consistent income. However, the returns might be lower than peak season short-term rentals.

 Market Trends:

• Greece faced economic challenges in the past, but its real estate market has shown signs of recovery in certain areas, driven in part by foreign investments and increased tourism. This trend has made rental yields attractive for many investors.
• However, the global events, like the COVID-19 pandemic, affected tourism heavily, which in turn influenced the short-term rental market in Greece. It underscores the importance of staying informed about global and local events.

 Costs & Returns:

• While the potential for good returns exists, there are costs to consider: property taxes, maintenance, utilities, management fees (if you hire a property manager), and potential vacancy periods.
• Gross rental yields in urban areas like Athens ranged from 4% to 5% annually, though this can be higher in prime tourist locations during peak season.

 Legal & Tax Considerations:

• Ensure you’re compliant with local regulations, especially if you’re doing short-term rentals. Some areas have regulations for properties listed on platforms like Airbnb.
• Income from rentals is taxable. Greece has a progressive tax rate for rental income. It’s essential to consult with a tax professional to understand your obligations and any tax benefits you might be entitled to.

 Future Potential:

• There’s a growing interest in remote work and longer stays, which might lead to an increased demand for medium-term rentals in attractive locations.

In conclusion, while there is potential for rental income in Greece, it’s crucial to conduct thorough market research, understand the local regulations, and be prepared for the responsibilities that come with being a landlord, especially in a foreign country. Consider consulting with real estate and tax professionals familiar with the Greek market to make informed decisions.